Serious [ Wall Street Journal ] Beware of Indian : Indian Bank Staffs $1.7 Billion Scam @ Indian State Bank

[grandtour]

https://www.wsj.com/articles/indian-bank-alleges-1-77-billion-scam-at-one-of-its-branches-1518603096

Indian Bank Alleges $1.77 Billion Scam at One of Its Branches

Shares of Punjab National Bank plummeted as investors waited to assess damage

By Corinne Abrams and Debiprasad Nayak
Feb. 14, 2018 5:11 a.m. ET

MUMBAI—India’s second-largest state bank said it had uncovered an alleged scam involving some $1.77 billion in transactions at a Mumbai branch, sending shares plunging as investors waited to see whether its bottom line would be damaged.

“The bank has detected some fraudulent and unauthorized transactions (messages) in one of its branches in Mumbai,” company secretary Balbir Singh said in an exchange filing on Wednesday.

Shares of the Punjab National Bank 532461, -10.36% dropped 10.3% on the news.

 

[sweetiepie]

my uncle say will any sinkie do business with neh bank ?